The gold futures contract gained 0.56% yesterday as it extended its Tuesday's advance. However, the market continues to fluctuate within a short-term consolidation. Gold price remains close to $1,700 level. It is still trading within a flat correction after its April's advance. On April 14 it was the highest since November of 2012 and the high was at $1,788.80. Since then we've seen some profit-taking action and a potential medium-term downward reversal.
The price of gold is basically going sideways along $1,700 mark since early to mid April and it's trading above February-March local highs. So it still looks like a consolidation within a medium-term uptrend.
Gold is 0.1% down this morning, as it continues to trade along $1,700 mark. Global financial markets took a little breather this week as investors were cashing their profits amid renewed coronavirus crisis worries. What about the other precious metals?: Silver lost 0.24% on Wednesday and today it is 0.4% lower. Platinum lost 0.98% and today it is up 0.1%. Palladium lost 2.44% and today it is 0.7% lower.
Last Friday's Nonfarm Payrolls and the Unemployment Rate along with this week's inflation numbers releases have confirmed coronavirus damage to the U.S. economy. Today we will await the weekly Unemployment Claims release at 8:30 a.m. The number has been gradually decreasing but it remains relatively very big. Take a look at our Monday's Market News Report to find out about this week's economic data announements.
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All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' employees and associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.
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